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This paper aims to investigate the multi-faceted impact of host country risks on the success of private participation in infrastructure projects. The authors make a distinction between exogenous and endogenous risks, differentiating those that are completely beyond the control of the firm from those in which firms might exert some degree of influence to reduce the negative repercussions.

Drawing on logistic regression analyses, the authors analyze a sample of 10,350 private participation in infrastructure projects in 126 countries from 1997 to 2014.

The authors find that higher levels of exogenous risk are associated with a lower probability of project success, whereas they find no significant effect for endogenous risk.

By pointing to this differential effect, this study makes a contribution to the current debate in the literature on private participation projects.

The authors combine options logic with transaction cost economics to explain why firms maintain, divest or buy out their international joint ventures (IJVs). It is suggested that a decline in environmental risk and higher partner-related risk makes a firm more likely to acquire an IJV but less likely to divest an IJV. The study also investigates how IJV age moderates the effects of a decline in environmental risk and higher partner-related risk.

The study employs competing risks analyses to examine the drivers of different termination outcomes using a dataset consisting of 459 IJVs in the People's Republic of China, of which 110 were either acquired or divested by their foreign parent.

The study finds that changes in environmental risk and partner-related risk affect how firms terminate their IJVs in the People's Republic of China. Specifically, the authors find that the effect of exogenous and endogenous risk are more pronounced for the acquisition of IJVs than for the divestment of IJVs.

The study contributes to international marketing research by complementing options logic with transaction cost economics to provide a theoretical explanation of the different ways in which IJVs in the People's Republic of China are terminated.

IJVs continue to be an important yet often unstable method to serve international markets. Our findings increase managers' awareness of the effect that two important sources of risk may have on the termination of IJVs in the People's Republic of China.

The study provides novel insights into the effect that changes in exogenous and endogenous risk have on a firm's choice of termination mode drawing on novel data on the different ways in which foreign firms have terminated their IJVs in the Peoples' Republic of China.

The purpose of this paper is to investigate changes in the commercial real estate market dynamics as a function of and conditional to the shifts in market state-space environment that can influence agent responses.

The analytical design uses a comparative computational experiment to address the performance of property assets in the current market based on comparison with prior structural patterns. The latent variables developed across market sectors are used to test agent behavior contingent on the perspectives of capital asset pricing conditionals (CAPM) and a behavioral momentum/herd construct. The state-space momentum analysis can assist the comparative analysis of current levels and shifts in property asset performance given the issues that have arisen with the financial crisis of 2007-2009.

An analytic approach is employed framed by a situation-dependent model. This frame considers risk profiles characterizing the perspectives and preferences guiding a delineated market state. This perspective is concerned with the possibility of shifts in market momentum and representativeness conditioning investor expectations. It is observed that the current market (post-crisis) has changed significantly from the prior operations (despite the diversity observed in prior market states). The dynamics of initial findings required an additional test anchored to the performance of the general capital market and the real economy across time. This context supports the use of a modified CAPM model allowing the consideration of opportunity cost in a space-time dynamic anchored with the consideration of equity, debt, riskless asset and liquidity options as they varied for the representative agents operating per market state.

This paper integrates neoclassical and behavioral economic constructs. Combines asset pricing with prospect theory and allows the calculation of endogenous time-preferences, risk attitudes and formulation and testing of hyperbolic discounting functions.

The research shows that market structure and agent behavior since the financial crisis has changed from the investment and valuation perspectives operating as observed and measured from 1970 up to 2007. In contradiction to the long-term findings of Reinhart and Rogoff (2008), but in compliance with common perspectives and decision heuristics often employed by investors, this time things have changed! Discounting and expected rates of return are dynamic and are hyperbolic and not constant. Returns and investment for property assets are situational (market state-space specific) and offer a distinct asset class, not appropriately estimated by many of the traditional financial models.

Assist in supporting insights to measure in errors and equations that result in inefficient resource allocation and beta discounting that supports the financial crisis created by assets subject to long-term decision needs (delta function).

The paper offers a combination and comparison of neoclassic asset pricing using a modified CAPM (two-pass) approach within the structural frame of Kahneman and Tversky’s (1979) prospect theory. This technique allows the consideration of the effects of present bias, beta-delta functions and the operation of the Allais Paradox in market states that are characterized by gains and losses and thus risk aversion and risk seeking behavior. This ability for differentiation allows for the development of endogenous time-preferences and hyperbolic discounting factors characteristic of commercial property investment.

In real estate industry, managers' choices in portfolio construction impact directly on the performance of real estate fund. Looking at the literature, real estate diversification criteria are related to tenants' characteristics, to endogenous and exogenous risk and to financial choices. The aim of the paper is to study the role of different risk profiles in the investment selection and in the construction of an efficient real estate portfolio.

The first step is to find out an investment selection model based on the main risk factors. The aim was to check the ability of qualitative criteria (tenant, exogenous, endogenous and financial risks) to identify ex ante the best investment opportunities. The observation of the portfolios' composition on the efficient frontier and the proximity of individual property to the efficient frontier point out which risk factors are more important. The second step is to define a model to construct a portfolio, with non correlated investments, based on the main risk factors. This ability was tested by comparing the classifications made according to quality criteria, which can potentially be used ex ante to construct a diversified portfolio, with the results of cluster analysis. The results from the cluster analysis, free from quality profiles, are therefore considered as the best diversification strategy.

The results stemming from the use of a real estate database supplied by Fimit SGR (Unicredit banking group) showed that an ex ante study of risk profiles can help to identify those investment opportunities which are more or less near to the efficient frontier, although there is no prevailing criterion to identify a portfolio able to maximise investment diversification benefits. To identify more efficient portfolio is necessary to define an evaluation approach that considers simultaneously different risk profiles of real estate investments.

The paper considers the Italian market, a young market for institutional real estate investments characterised by high growing opportunities. The value added of the paper is to study the relationship of different real estate specific risks considered in literature (tenant risk, endogenous and exogenous risk) and financing choices in order to define a more complete model to evaluate real estate portfolios.

Governments throughout the world are being forced to review how to fund the increasing demand and rising expectations of their citizens. This is especially relevant for developing countries, which often have limited capital resources to meet the soaring needs for essential infrastructure. This has consequently led to increased involvement of the private sector in the provision of public services, using various forms of Public‐Private Partnerships (PPPs). It is, however, important for both the public and private sectors to understand the various risks associated with PPPs throughout the whole life cycle of the projects in order to guarantee long‐term success. This is especially true in Nigeria and other countries where the use of PPPs are still in the early stages of development. Sixty‐one PPP risk factors were identified from literature and classified into exogenous and endogenous risks. This paper presents the results of the questionnaire survey that investigated the perception of Nigerian construction professionals on the relative importance of the identified risks and their preferences of allocation between the public and private sectors. The results show that the three most important PPP risk factors in Nigeria are “unstable government”, “inadequate experience in PPP” and “availability of finnance”. The respondents’ risk allocation preferences show that while most of the endogenous risk factors could be assigned to the private sector partner, the public sector should retain political and site acquisition risks, while relation‐ship‐based risks should be shared between the private and public sector partners

A unique aspect of PPP is the opportunity for the transfer of risk ownership to the private sector. The purpose of this paper is to investigate how risk cost influences risk allocation.

A questionnaire survey was used to collect data. The questionnaire included nine sub-categories of risks. To quantify the influence of risk cost on risk allocation, a dependency risk matrix was employed. Heat maps techniques were used to visualise the results of the survey.

The findings show which risks within the endogenous or exogenous groups are to be allocated to the public sector, the private sector, or to be shared. The finding from this research provides a baseline for the PPP stakeholders in developing guidelines for estimating the value of risk costs in the risks register as well as serving as a mechanism for risk allocation.

The context of the study may limit the generalisability of the results.

The study provides practical guidance to PPP stakeholders on risk allocation appetite.

This study extends the processes and methods by which PPP project’s risk is allocated to create a better value for all the stakeholders.

Public procurement in many countries is one of the most important factors in governance and is a priority target of reform. In many humanitarian situations however, service delivery cannot wait for procurement reform. The needs of many of the Millennium Development Goals are immediate, while procurement reform may take years to institutionalize. Under these circumstances, international organisations such as the United Nations have both implementation and capacity-building roles, often placing them in high-risk situations. This has led to the development of procurement risk assessment and management tools, designed to provide objectivity in country procurement risk monitoring and review, as well as assist capacity building. The procurement risk assessment methodology that follows uses established risk modeling to provide procurement risk ratings in 60 HIV/AIDS, Tuberculosis and Malaria programs in 26 countries, and is successfully promoting procurement strengthening within high-risk country offices.

The purpose of this paper is to understand the risks managers and individual supply chains perceive from e-business.

This research takes a long-term, staged view of the risks managers and individual supply chains perceive from e-business. By taking a two-stage approach, investigating four supply chains at a three year interval, the research considers perceived risks from e-business and the extent to which these risks obtained.

E-business has the potential to deliver substantial benefits, but it also involves new and different risks. This research finds that small firms (SMEs) adopted a “watching brief” rather than implemented e-business. Between the two studies it emerges that e-business can support rather than detract from inter-organisational relationships. Global forces are in evidence in terms of low cost competition, but low cost competitors are not e-enabled.

Limitations, pragmatism and opportunism in the sampling is acknowledged. For example, the work and concepts that led to the expectation of e-business dominating and decimating industrial supply chains may have been based in chains more open to external forces than the ones examined here. Further research is required that identifies the minimum critical mass necessary to retain national manufacturing capacity at a chain or sector level, and empirical work is needed on the suggested link between supply chain stability and certainty of payment. The cases here are based on four UK supply chains, so various chain forms are likely to have been excluded.

This research, by taking a staged approach and going back to the same chain and reviewing perceived risks, identifies how the build up of numerous – but small – events, for example factory closures, can aggregate over time to be just as significant as high profile, headline-worthy risks. Methods that produce a snapshot such as a one-off survey may be inadequate for fully exploring an area such as risk. Especially if the risks are hard to assess and are biased toward high profile events – catastrophic risks rather than accumulations of smaller, less noticeable risks.

The high degree of likely disruption challenges organizations at all levels to develop and implement innovative strategies. Ensuring supply chain continuity even during emergency and complex situations is critical for organizations. Therefore, this study explores some strategies adopted by firms based on innovation and blockchain-enabled digital transformation to reduce risk in their supply chain.

This study follows the qualitative form of enquiry. The authors interviewed 26 professionals from the supply chain domain. After three-layered coding and mapping multiple layers to the data of interviews, the authors identified emerging themes and sub-themes through a thematic analysis.

The authors identified type of risks that can affect global supply chains along with both the role of blockchain and innovation culture in minimizing the degree of such risks and the challenges in adopting blockchain technologies. This led us to develop a framework to address supply chain risk through digital transformation through innovation and blockchain.

This research offers exciting implications for practice by drawing on the insights gathered to facilitate supply chain risk management through innovation and blockchain applications for organizations that are strongly impacted by digital transformation practices around the world. The study also offers the utilization of a framework followed by propositions to reduce supply chain risks in the digital transformation era.

This study focuses on presenting a mechanism of supply chain risk management through the application of innovation and blockchain technology for the digital transformation of a value chain. Blockchain can offer an innovative platform to ready the supply chain for future dynamic situations.